VirtualArmour International off to flying start in 2017

Computer network and cyber-security services provider VirtualArmour International (CNSX:VAI) got 2017 off to a good start, with four new client wins in January.

The new contracts will immediately deliver more than US$350,000 in initial revenue for the managed services provider, with the potential for additional business to be driven through ongoing professional and managed services.

VirtualArmour said the contracts came from the medicine, energy and construction sectors.

The contract wins reflect a growing realization of the threat posed by cyber-crime and the commercial opportunities the threat presents for a company such as VirtualArmour.

Such attacks can be highly damaging financially, not to mention reputation-wise, so companies are keen to be bang up to date on providing the latest protection and having robust information technology.

Furthermore, cyber-criminals are no respecters of borders, as evidenced by significant industry exposure given in January to the US, Canadian and UK governments clearly highlighting their growing concerns over the threats to businesses and national security posed by weak and/or out-dated cyber-security practices, VirtualArmour noted.

Indeed, last year the UK’s National Crime Agency (NCA) warned that businesses and law enforcement agencies were losing the “cyber arms race” with online criminals, as the technical capabilities of criminal syndicates outpaced those of security services.

The report found 2.46mln incidents of cyber-crime in the UK in 2015, including 700,000 cases of fraud.

Following the report, the UK government announced it is to spend £1.9bn over the next five years on cyber-defenses.

The NCA found that the accelerating pace of technology and criminal cyber-capability development currently outpaced the UK’s collective response.

“With a growing desire by businesses to migrate towards scalable, cloud-based IT systems together with a growing awareness of cyber-security threats, our services have become increasingly valuable for global businesses,” said VirtualArmour president Matthew Brennan.

“Adding new clients is a great way to start the new year and we’re in a strong position to capitalize on increasing market opportunities,” he added.